That's exact error after "../../../../sql/backends/monet5/lib_sql" dependency was added to Makefile.ag in "vaults":
make[9]: Entering directory `/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/BUILD/sql/backends/monet5/vaults'
make[10]: Entering directory `/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/BUILD/sql/backends/monet5/vaults'
/bin/sh ../../../../libtool --tag=CC --mode=compile gcc -DHAVE_CONFIG_H -I. -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults -I../../../.. -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults -I../../../include -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../include -I../../../common -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../common -I../../../storage -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../storage -I../../../server -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../server -I.. -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/.. -I../../../../monetdb5/modules/atoms -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../../monetdb5/modules/atoms -I../../../../monetdb5/modules/kernel -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../../monetdb5/modules/kernel -I../../../../monetdb5/mal -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../../monetdb5/mal -I../../../../monetdb5/modules/mal -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../../monetdb5/modules/mal -I../../../../monetdb5/optimizer -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../../monetdb5/optimizer -I../../../../monetdb5/scheduler -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../../monetdb5/scheduler -I../../../../common/options -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../../common/options -I../../../../common/stream -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../../common/stream -I../../../../common/utils -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../../common/utils -I../../../../gdk -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../../gdk -DLIBVAULT -g -O2 -c -o lib_vault_la-vault.lo `test -f 'vault.c' || echo '/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/'`vault.c
make[10]: *** No rule to make target `../../../../sql/backends/monet5/
lib_sql.la', needed by `
lib_vault.la'. Stop.
make[10]: *** Waiting for unfinished jobs....
libtool: compile: gcc -DHAVE_CONFIG_H -I. -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults -I../../../.. -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults -I../../../include -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../include -I../../../common -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../common -I../../../storage -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../storage -I../../../server -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../server -I.. -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/.. -I../../../../monetdb5/modules/atoms -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../../monetdb5/modules/atoms -I../../../../monetdb5/modules/kernel -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../../monetdb5/modules/kernel -I../../../../monetdb5/mal -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../../monetdb5/mal -I../../../../monetdb5/modules/mal -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../../monetdb5/modules/mal -I../../../../monetdb5/optimizer -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../../monetdb5/optimizer -I../../../../monetdb5/scheduler -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../../monetdb5/scheduler -I../../../../common/options -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../../common/options -I../../../../common/stream -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../../common/stream -I../../../../common/utils -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../../common/utils -I../../../../gdk -I/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/../../../../gdk -DLIBVAULT -g -O2 -c /home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/sql/backends/monet5/vaults/vault.c -fPIC -DPIC -o .libs/lib_vault_la-vault.o
make[10]: Leaving directory `/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/BUILD/sql/backends/monet5/vaults'
make[9]: *** [all-recursive] Error 1
make[9]: Leaving directory `/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/BUILD/sql/backends/monet5/vaults'
make[8]: *** [all] Error 2
make[8]: Leaving directory `/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/BUILD/sql/backends/monet5/vaults'
make[7]: *** [all-recursive] Error 1
make[7]: Leaving directory `/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/BUILD/sql/backends/monet5'
make[6]: *** [all] Error 2
make[6]: Leaving directory `/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/BUILD/sql/backends/monet5'
make[5]: *** [all-recursive] Error 1
make[5]: Leaving directory `/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/BUILD/sql/backends'
make[4]: *** [all] Error 2
make[4]: Leaving directory `/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/BUILD/sql/backends'
make[3]: *** [all-recursive] Error 1
make[3]: Leaving directory `/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/BUILD/sql'
make[2]: *** [all] Error 2
make[2]: Leaving directory `/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/BUILD/sql'
make[1]: *** [all-recursive] Error 1
make[1]: Leaving directory `/home/SECDEV.LOCAL/akravchenko/MonetDB-Jun2016/MonetDB-11.23.3/BUILD'
make: *** [all] Error 2
Anton